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Albania Steps Up Financial Compliance Efforts, Says MONEYVAL Report
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Albania has made significant strides in strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) regime, according to a report released by MONEYVAL.
Improved Compliance with International Standards
The country has demonstrated improved compliance with key international standards, including transparency of legal arrangements and regulation and supervision of non-financial institutions. These improvements have enabled Albania to move from Partially Compliant to Largely Compliant on two key recommendations since June 2022.
Additional Measures Taken by the Country
- Making trustees subject to AML/CFT requirements
- Streamlining access to beneficial ownership information for competent authorities
Strengthened Regulation and Supervision of Notaries and Real Estate Agents
The country has also strengthened regulation and supervision of notaries and real estate agents. Key measures include:
Regulatory Changes
- Licensing authority empowered to revoke licenses for infringement of AML/CFT legislation
- Risk-based supervision introduced over real estate agents
Progress Towards Strengthening the AML/CFT System
Albania has made substantial progress in addressing technical compliance shortcomings identified in its 2018 Mutual Evaluation Report. The current status is:
Compliance Status
- Compliant: 6 Recommendations
- Largely Compliant: 31 Recommendations
- Partially Compliant: 2 Recommendations (1 Not Applicable)
Future Progress Expected
The country is expected to report back to MONEYVAL in two years on further progress made towards strengthening its AML/CFT system.
About MONEYVAL
MONEYVAL evaluates 33 states and territories, making recommendations to national authorities for improvements to their anti-money laundering and counter terrorist financing systems. The organization plays a crucial role in ensuring that countries comply with international standards to prevent money laundering, terrorism financing, and proliferation of weapons of mass destruction.
Access the Full Report
The full report is available on the MONEYVAL website.